Intermin Resources Limited (IRC.AX) Quarterly Activities Report 30 September 2018
- 53
HIGHLIGHTS
- Fully funded 55,000m Resource extension and new discovery drilling program continues with 20,336m drilled at the Anthill, Binduli and Blister Dam projects during the Quarter
- Highly successful new discovery and resource expansion drilling campaign completed at the Teal gold project area, 11km north-west of Kalgoorlie-Boulder
- Updated independent Mineral Resource estimate released for the Teal Project area and, after depletion from mining Teal Stages 1 and 2, stands at:
o 4.25Mt @ 2.11g/t Au for 289,000 ounces at a 1.0g/t Au lower grade cut-off, up 80%(see Note 1 below)
- Over 85% now in the Indicated Category with mineralisation open in all directions (see Note 1 below)
- Intermin's Total Mineral Resource (after depletion) grew to:
o 8.40Mt @ 2.08g/t Au for 562,000oz at a 1.0g/t Au lower grade cut-off (see Note 1 below)
- Excellent first pass drilling results received from the Crake prospect with follow up drilling now underway and results expected in the December Quarter (see Note 2,5 below)
- Initial drilling results received from the Anthill gold project with further results and an updated Mineral Resource estimate expected in the December Quarter (see Note 3,5 below)
- A total of 3,946,347 IRCOA options exercised during the Quarter raising A$670,879 and 4,250,000 unlisted Director options exercised raising A$406,250
- Cash and tradeable securities of A$8.65 million (see Note 4 below)
- Infill and regional exploration drilling to commence at the Richmond vanadium project in the current Quarter with results expected in the March Quarter 2019 (see Note 5 below)
- Metallurgical testwork continues on ore samples from the vanadium project with further pre-concentration and downstream processing tests on going
- Drilling commenced at the Blister Dam gold project on the Zuleika Shear with results expected in the December and March quarters (see Note 5 below)
- Janet Ivy Mining Royalty payments of A$0.50/t continue with A$196,000 received for the June Quarter and regular quarterly payments expected through CY2018 (see Note 5 below)
DECEMBER QUARTER ACTIVITES (see Note 5 below)
- Resolution of purported variation claims received from mining contractor Resource Mining Pty Ltd over the Teal open cut gold mine
- Ongoing resource expansion and new discovery drilling at Binduli and Blister Dam
- Further drilling results from the Anthill, Binduli and Blister Dam gold projects
- Richmond Vanadium metallurgical test work results on ore pre-concentration optimisation
- Resource update for the Anthill project
- Stakeholder engagement and drilling at the Richmond vanadium prospect
Notes:
1 As announced to the ASX on 19 September 2018,
2 As announced to the ASX on 10 July and 15 August 2018,
3 as announced to the ASX on 21 August 2018,
4 Includes 75% profit share component from Teal gold mine as per Intermin's position, see Page 4 for details,
5 see Forward Looking and Cautionary Statement on Pages 29 and 30
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About Intermin Resources Limited:
Intermin Resources Limited (ASX:IRC) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Intermin Resources Limited
Contact:
Jon Price Managing Director Tel: +61-8-9386-9534 E: [email protected] Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: [email protected]
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